Nathan Bostock. Country Head UK

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1 Nathan Bostock Country Head UK

2 Banco Santander, S.A. ("Santander"), Santander UK Group Holdings ( Santander UK ) and Banco Santander (Brasil) S.A. ( Santander Brasil ) all caution that this presentation and other written or oral statements made from time to time by Santander, Santander UK and Santander Brasil contain forward-looking statements. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; (5) transaction, commercial and operating factors; and (6) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ) could adversely affect our business and financial performance and should be considered in evaluating any forward-looking statements contained herein. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and views taken on the date on which they are made; such knowledge, information and views may change at any time. These statements are only predictions and are not guarantees of future performance, results, actions or events. Santander, Santander UK and Santander Brasil do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant, any fuller disclosure document published by Santander, Santander UK nor Santander Brasil. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander, Santander UK and Santander Brasil are not giving advice nor making any recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act Note: Statements as to historical performance, share price or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. Note: The businesses included in each of our geographical segments and the accounting principles under which their results are presented here may differ from the businesses included in our public subsidiaries in such geographies and the accounting principles applied locally. Accordingly, the results of operations and trends shown for our geographical segments may differ materially from those disclosed locally by such subsidiaries. 2

3 Content 1 Market and financial system 2 Delivering our strategy 3 Positioned to capture growth opportunities 4 Looking forward and key takeaways 3

4 1 Market and financial system 4

5 The macroeconomic environment has deteriorated in the last 12 months Old Scenario New Scenario Slower GDP growth Lower for longer interest rates GDP (annual average) Bank Rate (year end) (e) 2017(e) 2018(e) Unemployment (year end) Labour market uncertainty (e) 2017(e) 2018(e) (e) 2017(e) 2018(e) House prices reducing in the short term House Price Inflation (year end) (e) 2017(e) 2018(e) Source: HM Treasury Comparison of External Economic Forecasts Aug 16 (unemployment, GDP, HPI) Santander Economic Forecast (Bank Rate) 5

6 under a demanding regulatory agenda Ring-fencing Stress testing Residential mortgage risk weights Basel proposals (operational risk, credit risk, internal models) IFRS 9 (interaction with capital, stress tests) FPC powers (e.g. BTL) Capital position for challengers Reduction in countercyclical capital buffer Term Funding Scheme PPI timebar and redress Competition (e.g. savings, cards) Performance management Bank corporation tax surcharge Retail Banking Market Investigation Payments access and infrastructure provision 6

7 2 Delivering our strategy 7

8 Santander UK is uniquely positioned to succeed A full service retail and commercial bank with meaningful scale and opportunity 14MM active customers 10MM current accounts 4 th largest 167 bn customer liabilities 153 bn mortgages 3 rd largest > 200 bn customer assets Omni-channel distribution with leading digital services and complementary optimised footprint Data as of Jun 16 (1) Source: Bank of England Bankstats (Aug 16) successfully challenging the big banks 8 1 in 4 switchers are to Santander Corporate and SMEs lending (%, YoY growth) H 16 4 Santander Market 1

9 Our strategy is clear and unchanged from 12 months ago Our strategic priorities Our purpose To help people and businesses prosper Customers Customer loyalty and market share growth Operational and digital excellence Our aim To be the best retail and commercial bank, earning the lasting loyalty of our people, customers, shareholders and communities Shareholders People Predictable and growing profitability and a strong balance sheet Strong internal culture: Simple Personal Fair Best employer Our values Simple Personal Fair Communities Supporting communities through skills, knowledge and innovation 9

10 Our strategy is delivering for our customers Retail World customers (MM) Corporate and SMEs Loyal customers (k) Dec'14 Dec'15 Jun'16 Dec'14 Dec'15 Jun'16 Retail banking deposits ( bn) Total assets ( bn) Primary 1 Spread % 62% 65% Dec'14 Dec'15 Jun'16 (0.76%) (0.63%) (0.59%) Dec'14 Dec'15 Jun'16 (1) Banking and savings balances of customers with a primary Current Account or other primary current account (2) Spreads against the relevant swap rate or LIBOR. Retail banking customer deposits include savings and bank accounts for personal and business banking customers, Jersey and Cater Allen. YTD 10

11 increasing customer experience and operational efficiency More satisfied customers More efficient operations Retail customer experience (FRS 1 %) Average of 3 highest performing peers Increasing digital relationships (1H 16 vs 1H 15) +41% mobile customers +29% digital transactions 2 Dec'12 Dec'13 Dec'14 Dec'15 Jun'16 Corporate customer experience (Charterhouse 1 %) Market average More efficient distribution c.50% credit cards opened online >30% bank accounts opened online >40% mortgages retained online Dec'12 Dec'13 Dec'14 Dec'15 Jun'16 (1) Refer to Appendix 1 in the 2Q 16 Quarterly Management Statement for a full definition (2) Digital transactions includes instant transfers and payments made via online, mobile and PayM 11

12 People and communities continue to be key to our success People Communities 48k 72% Colleague engagement 1 +5pp vs. prior year +4pp vs. GFS norm 2 people supported 1H 16 2k Students supported 1H 16 (1) Survey conducted by Hay Group (Oct 15). % favourable responses (2) Global Financial Services norm 12

13 Risk management supports our balance sheet strength and asset quality Non performing loans ( MM) 4,246 3,887 3,575 3,150 3,165 (1H 16) Mortgage stock LTV 2 BTL mortgages 3 44% 4% Dec'12 Dec'13 Dec'14 Dec'15 Jun'16 CRE exposure 4 5% NPL ratio % 1.98% 1.79% 1.52% 1.47% (1) Non-performing loans as a percentage of loans and advances to customers (2) Unweighted average LTV (3) Residential BTL stock as % of total residential mortgage stock (4) CRE as % of total customers loans 13

14 As a result of this strategy and the strength of our balance sheet we deliver predictable and sustainable results Profit before tax ( MM) 1,589 1,860 BoE 2015 stress test (CET1 drawdown, bps 3 ) 1H FY 14 FY H 16 2 Total revenues ( MM) 2,205 2,260 2,325 2,305 2, H 14 2H 14 1H 15 2H 15 1H 16 (1) Excludes 450MM charge for PPI recorded in the corporate centre under Group criteria (2) Excludes 119MM gain on sale of VISA Europe Ltd (3) Difference between actual CET1 ratio (Dec 14) and the minimum ratio (period ) after applying stress scenario and assuming strategic management actions (but before AT1 conversion). Peak stress scenario = GDP -3.2% (near-term peak to trough), unemployment 9.2%, inflation -0.9%, HPI -20% (near-term peak to trough), bank rate 0% 14

15 3 Positioned to capture growth opportunities 15

16 Our main opportunity is to continue increasing customer loyalty Retail Loyal customers (% of active) Corporate Loyal customers (% of active) 26 UK x1.7 x Group leading franchises Avg UK Group leading franchises Avg 1 1 Deeper and more personal relationships by meeting and anticipating more of our customer s needs Differentiated proposition adapted to each customer Leading service proposition enabling deeper relationships and driving primacy 69 Corporate centres (+35 since 2012) Simple and efficient credit process Comprehensive product range and international reach helping UK customers to expand globally (1) Argentina, Chile, Poland and Portugal 16

17 In retail, World will continue to transform our franchise Non CA CA Deeper relationships Improved customer profiles More valuable relationships Improved liquidity stability 23% loyal 1 68% select / 6% 34% affluent 1.5 products 2.1 average x1.0 x5.5 balance More satisfied customers % 76.7% (1) Loyal customers are primary current account customers (credit turnover >= 500 per month and at least two direct debits on the account) who hold an additional product (2) Source: Current Account, GfK FRS 12 months ending Jun 16. Refer to Appendix 1 in the 2Q 16 QMS for a full definition 17

18 In corporate, our ring-fencing plans will support business growth and enhance loyalty Santander UK Group Holdings plc Differentiated challenger positioning Santander UK plc Retail, Business Banking and small SMEs ( 173 bn customer loans 1 ) Santander Corporate Bank SMEs, Mid/Large Corporates and Global customers ( 28 bn customer loans 1 ) Specialist, dedicated and customer-centric corporate bank: Seamless service covering all customer needs International: global reach and expertise of the Santander Group <1% Customers re-segmented 2H 18 Completion Note: Illustration of Santander UK group s target ring-fencing model outlined in ring-fencing plans submitted to the PRA and FCA. Plans are subject to, among other things, regulatory and court approvals and may change. Figures are indicative based on current information, are not a forecast and may differ materially upon implementation of the final ring-fencing model. Santander Corporate Bank is expected to be Abbey National Treasury Services plc (1) 1H 16 18

19 Creating digital solutions to meet all of our customer s financial needs Examples New end-to-end online Mortgage >40% of mortgages retained online 75% reduction in time to complete application (from up to 3 hours to <40 min) New online Investment Hub Integrated within the Santander online banking experience Full range of online transactions >70% reduction in time from application to offer (from 11 days to 3 days) 1 Santander investments plus further c.2k funds Digital touch points 2 71% 85% 88% H'16 (1) Expected by 2016 year end (2) Digital touch points = (Digital: online and mobile logons) / (Branch: financial transactions + Telephony: service calls + Digital: online and mobile logons) 19

20 Efficiency improvements to continue Cost to income ratio (%) Simplifying our organisation and processes, and digitalising across our businesses 51.2 Excluding banking reform 1 Omni-channel platform with optimised physical distribution, leading digital tools and remote service / advice Costs ( MM) 1,127 1,158 1,220 1,231 1H'13 1H'14 1H'15 1H'16 Leveraging Group scale through shared capabilities across countries > 100MM reduction in our cost base by 2018 while continuing to grow the business (1) 30MM 20

21 4 Looking forward and key takeaways 21

22 We are on plan to deliver our 2016 commitments 1H 15 1H commitments Fee income CAGR +4% +6% % Digital customers (MM) Corporate customer loans 2 growth vs. market >5pp +7pp >5pp (1) Annualised YTD rate (2) Commercial Banking and GCB 22

23 2018 Santander UK targets 1H People Colleague engagement Top 3 UK Bank Retail loyal customers (MM) SME and Corporate loyal customers (k) Customers Digital customers (MM) Retail customer experience ( FRS ) % 6.5 Top 3 Fee income CAGR 6% % Shareholders Return on Tangible Equity (RoTE) Cost to income ratio CET1 capital ratio Non performing loan ratio Dividend pay-out ratio (yearly) 10% 53% 11.2% 1.5% 50% 8-10% 50-52% c.12% <2% 50% Communities Number of scholarships (vol) People supported (vol) 1,900 47,600 24, ,000 Note: after incorporating new macroeconomic scenario, the following 2018 targets have been revised: RoTE (previously 12-14%), cost to income ratio (previously <50%), non performing loan ratio (previously <1.5%). Group criteria except CET1 (1) Source GfK FRS 12 months rolling data. Refer to appendix 1 in the 2Q 16 QMS Santander UK for a full definition (2) Annualised YTD rate 23

24 We have a clear strategy of building deeper relationships that allow us to capture growth opportunities Our commercial and digital transformation delivers value to our customers and shareholders The quality of our balance sheet and best-in-class risk management drives predictability despite challenges in the market 24

25

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